Question

I'm under the impression that as a general partner in an LLC filing as a partnership, I need to report my share of the profits on a Schedule E, but turbotax won't let me.

Forum|Forum|6 years ago
April 25, 2020
2 replies
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TurboTax Self Employed Online

A

AmeliesUncle

You report your income by entering the K-1 into the program. It will then show up on page 2 of Schedule E.

Carl11_2

Employee

The partnership completes and files a 1065-Partnership Return and issues each partner a K-1. When you enter that K-1 into your personal 1040 tax return all passive income/loss will be reported on page 2 of the SCH E. *you* *personally* don't enter "anything" on the SCH E. The program will allocate the K-1 data where it needs to be on your personal return - including that SCH E page 2.